The term Baby Boomer refers to a noticeable increase in the birth rate. 76 million Americans were born between 1946 and 1964. In 2004, the Baby Boomer held 80% of the UK’s wealth and bought 80% of all high-end cars, 80% of cruises, and 50% of skin care products.
Boomers have tended to think of themselves a special generation, very different from proceeding generations. As a group, they are wealthier, more active and more physically fit than any preceding generation and the first generation to expect the world to improve with time. The Boomers were the generation that reached peaK levels of income in the workplace and therefore, enjoy the benefits of abundant food, clothing, and retirement programs.
Boomers grew up in a time of dramatic social change. The early and mid-boomers were coming of age at the same time across the world, so they experienced Bealtlemania and Woodstock. They organized against the Vietnam War, fighting and dying in that war.
What Memorial events they encountered as young adults: The Cold war, Cuban Missile Crisis, assassinations of JFK, Robert Kenney, and Martin Luther King Jr. Political unrest, walk on the Moon, risk of the draft into the Vietnam War or anti-war protests, social experimentation, sexual freedom, drug experiments, the Civil Rights Movement, environmental movement, women’s movement, protests and riots, and Woodstock.
Is it any wonder, they expect more in life and are a generation of strength.
With 76.4 million Baby Boomers alive today. By the year 2031 the youngest Baby Boomers reach age 67 (the age at which the persons born in 1964 can receive full Social Security.
The aging of the Baby Boomers is also creating a shift in the Real Estate market.
Although many Baby Boomers plan to move to the Sun Belt or live in a warmer climate when retiring, many are looking at different factors.
For instance, some look for a more inexpensive place to live. Others look to live closer to their children, and many prefer to live in a 55 and old community.
- Baby Boomers want to remain on their own. A survey done by Merrill Lynch says only 10 per cent of Boomers say they want to move into any kind of retirement or age-restricted community.
- Baby Boomers want to stay close to their family. They have a great love for their children & Grandchildren. Proximity to their loved ones is top priority.
- They prefer to stay close to their friends. They prefer a smaller community. Easy to get around and meeting people in local restaurants, shops and grocery stores.
- They want to have their mortgages paid off.
While some homeowners in this age group are increasing equity, cost burdens are also growing. Income disparities are widening. With people living longer, many are concerned as to will they outlive their money. The Real Estate market will see changes for the upcoming senior generation. Realtors are there to help when it comes to downsizing or addressing their situations.
To conclude: Baby Boomers never consider themselves as getting older. They are energetic, self-reliant, enjoy learning and staying fit. They are the generation that has seen it all. They are survivors.
THOUGHT FOR THE DAY: AGE ONLY MATTERS IN CHEESE.